news.bitcoin.com
A surge in both bitcoin and altcoin prices drove the entire crypto ecosystem into $4 trillion territory for the first time in history.
Historic Crypto Peak: Market Tops $4T on Back of Bitcoin Bull Run
Bitcoin ( $BTC) topped $122K early Monday morning before easing back to $119K. But despite the slight pullback, the digital asset’s midnight rally buoyed the broader cryptocurrency ecosystem, pushing its market value above $4 trillion for the first time ever, according to data from Coinmarketcap.
Bullish sentiment shot up, as the Coinmarketcap Greed Index jumped to sixty-two. Overzealous bulls in the derivatives markets betting on a steeper rise in bitcoin’s price lost nearly $33 million over 24 hours according to $BTC open interest data from Coinglass. But it was the bears hoping for a drop in the cryptocurrency’s price who got caught with their pants down as short liquidations climbed to almost $93 million.
Ether ( $ETH) also enjoyed a significant rally, rising about 2% since yesterday and 17% since last week. At $4,310, the altcoin is now eyeing its $4,891.70 record from November 2021. “We may see astonishing things in the next year or so, especially with these treasury companies driving things” said Ethereum co-founder Joseph Lubin during a CNBC interview. “Where ether will eclipse the monetary base size of bitcoin.”
While Lubin’s take on $ETH surpassing $BTC is controversial and unlikely, having the two largest cryptocurrencies hovering near their all-time highs has put crypto as a whole, in third place on the list of top asset market values on the planet, just below $4.47 trillion chipmaker Nvidia.
Overview of Market Metrics
Bitcoin was trading at $119,681.48 at the time of writing, up 0.96% in the last 24 hours and 3.77% for the week, according to Coinmarketcap. $BTC has been priced between $118,105.69 and $122,321.10 since Sunday.
Trading volume over the last 24 hours was up 42.65%, reaching $88.67 billion. Part of the jump in volume can be attributed to traders returning from the weekend. Market capitalization increased to $2.38 trillion, a change of roughly 1%. Bitcoin dominance inched up 0.11% in the last 24 hours and stood at 60.57% at the time of reporting. Given that $BTC continues to garner more than half of the crypto market’s total value, Lubin’s prediction of a so-called $ETH “flippening” “in the next year or so,” is highly unlikely.
Total bitcoin futures open interest was $81.76 billion, a 2.50% increase. As previously discussed, total $BTC liquidations jumped to $125.62 million, with short liquidations comprising $92.64 million of that overall number. The remaining liquidations were long positions that saw $32.97 million wiped out.